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Direct Investment  + M&As  |  February 10, 2023
Brookfield Reinsurance to Take Insurer Argo Group Private in $1.1B Deal
By: Joe Palmisano

Brookfield Reinsurance to Take Insurer Argo Group Private in $1.1B Deal

Brookfield Reinsurance, a unit of Brookfield Asset Management, has signed a deal to take the underwriter of specialty insurance products in the property & casualty market Argo Group International Holdings private for $1.1 billion in cash.

Argo shareholders will receive $30 per share, representing a 6.7% premium to Argo’s closing price on February 7. The merger is expected to close in the second half of 2023.

In connection with the execution of the merger agreement, Argo’s largest shareholder, Voce Capital Management LLC, agreed to vote in favor of the merger.

Argo offers casualty insurance for the manufacturing and services sectors in the US. The company also has an international presence in regions including Bermuda, London, the Middle East and North Africa, according to its website.

Brookfield Reinsurance took another insurer, American National Group Inc, private in a 5.1 billion deal last May. Meanwhile, Blackstone Inc invested $500 million in life insurer Resolution Life under a partnership in October.

Debevoise & Plimpton LLP is serving as legal advisor to Brookfield Reinsurance on this transaction. Goldman Sachs & Co. LLC is serving as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to Argo on this transaction.

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Inside The Story

Brookfield ReinsuranceArgo Group International Holdings

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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